According to a new market research report "Structural Health Monitoring (SHM) Market by Technology (Wired and Wireless), by Solution Type (Hardware and Software & Services), by Application (Bridges, Dams, Tunnels, Buildings, Stadiums, and Other), and by Geography - Global Trend & Forecast to 2020", the SHM market is expected to reach USD 1.89 Billion by 2020, growing at a CAGR of 24.7% between 2015 and 2020.

SHM is an emerging market and used to improve the safety measures and reduce maintenance cost of critical structures. A combination of hardware and software is required for the designing of SHM system, whereas the services such as design and consulting services and installation services play important role in designing the SHM system. The large number of new civil infrastructure project is at the construction phase around the globe. Government rules and regulations also provide the boost in the growth of the SHM market.

For instance, in 2014, according to new rules and regulations by the Chinese government, SHM should be used in the new bridges, and designing of SHM should be in parallel with the designing of the bridge. It also outlines the importance of durable, maintainable, and replaceable sensor with service life of up to 20 years if embedded or 3 to 5 years if placed on the surface of the bridge.

The overall SHM market is segmented into various segments, namely, technology, solution type, application, and geography. The SHM market is segmented on the basis of SHM applications, which include bridges, dams, tunnels, buildings, stadiums, and others. The SHM market in bridges is expected to grow at the highest CAGR of 27.1% between 2015 and 2020.

Geographically, the SHM market is segmented into North America (U.S., Canada, and Mexico), Europe (Germany, the U.K., France, and others), APAC (China, Japan, Singapore, South Korea, and others), and Rest of the World (Australia, Africa, the Middle East, and others). The APAC market is estimated to grow at a CAGR of 29.0% between 2015 and 2020.